United States crude oil inventories fall further

12 Enero, 2018, 03:32 | Author: Arnold Perez

"If we do see a pullback, that's going to be a buying opportunity", said Michael Scanlon, managing director of Manulife Asset Management. It is higher than 2015's $44.65 but lower than 2014's $88.42, 2013's $98.08, 2012's $103.42 and 2011's $101.06, 2010's $72.43.

This year, however, the cartel and friends face even more challenges in sticking together until the end of the December, with both supply and demand uncertainties adding to the unknowns.

Botterill said the United States is increasing its light oil production after rig counts rose throughout 2017.

Spot gold edged up 0.1pc at $1,313.68 an ounce, while USA gold futures dropped 0.3pc to $1,314.80 an ounce.

However, the Dow Jones Transport index, an indicator of economic activity, rose 0.6 per cent, boosted by airline stocks. USA refiners are rising to the occasion.

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But some said the recent rally may be vulnerable to a correction.

U.S. crude oil production is expected to surpass 10 million barrels per day (bpd) next month, en route to an all-time record months ahead of previous forecasts, the U.S. Energy Information Administration said Tuesday. USA inventories fell by 4.95 million barrels last week, the eighth consecutive drop, while stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate crude, extended a decline below the five-year average.

The market was also bolstered modestly by data showing a sharp decline in USA production last week that analysts say could have been the result of extreme cold temperatures across the United States to start the year.

The production cuts that caused crude to approach the $70 mark has registered at least one outright casualty: supertankers, whose earnings plunged by more than half in 2017 because the OPEC cuts "reduced the number of cargoes from the Middle East to Asia significantly at a time when a large amount of newly-built vessels are being delivered", according to Olivier Jakob, managing director at Petromatrix GmbH.

"Seventy dollars is too much", said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt.

U.S. West Texas Intermediate (WTI) crude futures CLc1 had risen to $61.67 a barrel by 1422 GMT, 23 cents above their last settlement.

As a result, I am now on the lookout for bearish technical patterns to emerge on oil prices as I believe they will struggle to go north of $65-$75 per barrel given the above fundamental considerations.

According to NordFX, ICE Brent futures (London) for March delivery cost $62,2/b after gaining 0,5% on that day and 3,1% since the start of the trading week.

Gasoline inventories are almost the same as last year while distillate stocks are 22 million barrels below last year levels.

Spot prices are being supported by the strongest global economic conditions since the start of the commodities boom in 2004, while later-dated prices are being damped by the prospect of increasing US crude production, Currie said. Only top producers Russian Federation and Saudi Arabia produce more. Iran's Oil Minister, Bijan Namda Zanganeh recently said, "Members of [OPEC] are not keen on increased Brent crude prices above $60/bbl because of shale oil". Prices rallied after the longest stretch of declines in USA inventories during winter in a decade.

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